https://www.taxtmi.com/caselaws?id=460577 The ITAT Mumbai held that payments made by a developer to tenants for alternate accommodation charges and hardship allowance during property redevelopment do not constitute "consideration" under section 194IC. The tribunal ruled that such payments are compensatory in nature for dispossession hardship and temporary rent, not payments for share in land or building as required under the specified agreement definition. Therefore, TDS provisions under section 194IC do not apply to these payments, and no default occurred for non-deduction of TDS. The decision favored the assessee. en-us Thu, 11 Jul 2024 00:00:00 +0530 Mon, 03 Feb 2025 13:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460577 The ITAT Mumbai held that payments made by a developer to tenants for alternate accommodation charges and hardship allowance during property redevelopment do not constitute "consideration" under section 194IC. The tribunal ruled that such payments are compensatory in nature for dispossession hardship and temporary rent, not payments for share in land or building as required under the specified agreement definition. Therefore, TDS provisions under section 194IC do not apply to these payments, and no default occurred for non-deduction of TDS. The decision favored the assessee. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460577